STOCKHOLM, November 27. /TASS/. Authorities of the Faroe Islands made the decision to renew the fishing quotas agreement with Russia, Ritzaus Bureau news agency said.

The fishery agreement exists since 1977 and is reviewed annually. It was extended despite the objections of the EU and Denmark related to the situation in Ukraine.

"It is absolutely proper for the Faroe Islands to renew the effective fishery agreement with Russia, where we exchange catch quotas with Russians," Minister of Fisheries Arni Skaale said in an interview with the Jyllands-Posten newspaper. "The agreement for us is much more than mere fishing," Skaale said.

The agreement also means taking care of fish reserves, employment, and survival of small communities of fishermen, the Minister noted. "The agreement is very significant for the Faroe Islands," he added.

The agreement means the Faroe Islands will get a quota to catch cod, flatfish, shrimps and haddock in the Barents Sea. Russians will be able to catch fish in Faroe waters and transship the catch in Faroe ports.